ENXTAM:URW

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Unibail-Rodamco-Westfield

Executive Summary

Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship destinations, with a portfolio valued at €65.3 Bn as at December 31, 2019, of which 86% in retail, 6% in offices, 5% in convention & exhibition venues and 3% in services.


Snowflake Analysis

Very undervalued with moderate growth potential.


Similar Companies

Share Price & News

How has Unibail-Rodamco-Westfield's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: URW's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

30.5%

URW

26.7%

NL REITs

4.9%

NL Market


1 Year Return

-50.7%

URW

-48.5%

NL REITs

-9.1%

NL Market

Return vs Industry: URW exceeded the Dutch REITs industry which returned -55.2% over the past year.

Return vs Market: URW underperformed the Dutch Market which returned -11.3% over the past year.


Shareholder returns

URWIndustryMarket
7 Day30.5%26.7%4.9%
30 Day28.1%26.6%11.4%
90 Day-32.7%-31.4%-0.07%
1 Year-43.9%-50.7%-42.0%-48.5%-6.1%-9.1%
3 Yearn/a0.2%-12.5%6.8%-4.1%
5 Yearn/a8.3%-13.7%27.1%3.2%

Price Volatility Vs. Market

How volatile is Unibail-Rodamco-Westfield's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Unibail-Rodamco-Westfield undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: URW (€66.54) is trading below our estimate of fair value (€141.88)

Significantly Below Fair Value: URW is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: URW is good value based on its PE Ratio (8.3x) compared to the REITs industry average (12.5x).

PE vs Market: URW is good value based on its PE Ratio (8.3x) compared to the Dutch market (15.4x).


Price to Earnings Growth Ratio

PEG Ratio: URW is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: URW is good value based on its PB Ratio (0.3x) compared to the NL REITs industry average (0.4x).


Next Steps

Future Growth

How is Unibail-Rodamco-Westfield forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

32.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: URW's forecast earnings growth (32.9% per year) is above the savings rate (0.4%).

Earnings vs Market: URW's earnings (32.9% per year) are forecast to grow faster than the Dutch market (20.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: URW's revenue is expected to decline over the next 3 years (-5.7% per year).

High Growth Revenue: URW's revenue is forecast to decline over the next 3 years (-5.7% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: URW's Return on Equity is forecast to be low in 3 years time (7.9%).


Next Steps

Past Performance

How has Unibail-Rodamco-Westfield performed over the past 5 years?

-10.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: URW has a large one-off loss of €1.4B impacting its December 31 2019 financial results.

Growing Profit Margin: URW's current net profit margins (33.4%) are higher than last year (30.8%).


Past Earnings Growth Analysis

Earnings Trend: URW's earnings have declined by -10.3% per year over the past 5 years.

Accelerating Growth: URW's earnings growth over the past year (7%) exceeds its 5-year average (-10.3% per year).

Earnings vs Industry: URW earnings growth over the past year (7%) underperformed the REITs industry 9.7%.


Return on Equity

High ROE: URW's Return on Equity (3.5%) is considered low.


Next Steps

Financial Health

How is Unibail-Rodamco-Westfield's financial position?


Financial Position Analysis

Short Term Liabilities: URW's short term assets (€3.9B) do not cover its short term liabilities (€4.9B).

Long Term Liabilities: URW's short term assets (€3.9B) do not cover its long term liabilities (€28.3B).


Debt to Equity History and Analysis

Debt Level: URW's debt to equity ratio (85.2%) is considered high.

Reducing Debt: URW's debt to equity ratio has reduced from 90.9% to 85.2% over the past 5 years.

Debt Coverage: URW's debt is not well covered by operating cash flow (7%).

Interest Coverage: URW's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Unibail-Rodamco-Westfield's current dividend yield, its reliability and sustainability?

10.26%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate URW's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate URW's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if URW's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if URW's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: URW is not paying a notable dividend for the Dutch market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of URW's dividend in 3 years as they are not forecast to pay a notable one for the Dutch market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.5yrs

Average management tenure


CEO

Christophe Cuvillier (57yo)

7.17yrs

Tenure

€4,541,944

Compensation

Mr. Christophe Cuvillier has been Chairman of Management Board at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013 and serves as its Chief Executive Officer. Mr. Cuvillier s ...


CEO Compensation Analysis

Compensation vs Market: Christophe's total compensation ($USD5.08M) is about average for companies of similar size in the Dutch market ($USD4.85M).

Compensation vs Earnings: Christophe's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Christophe Cuvillier
Group CEO & Chairman of Management Board7.17yrs€4.54m0.078% 7.2m
Jacob Tonckens
Group CFO & Member of Management Board7.92yrs€2.53m0.010% 927.4k
Samuel James Hugh Warwood
Group Director of Investor Relationsno datano datano data
David Zeitoun
Group Director of Legalno datano datano data
Pierre Hausswalt
Group Director of Communication and Public Affairsno datano datano data
Sylvain Montcouquiol
Group Director of Human Resources & Organizationno datano datano data
Michel Dessolain
Chief Operating Officer - Europeno data€927.66kno data
Olivier Bossard
Group Chief Development Officer7.17yrs€2.12mno data
Arnaud Burlin
Managing Director of Central Europe & Austriano datano datano data
Fabrice Mouchel
Group Finance Director & CFO Europe19.42yrs€1.06mno data

7.5yrs

Average Tenure

56yo

Average Age

Experienced Management: URW's management team is seasoned and experienced (7.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
John McFarlane
Independent Supervisory Board Member2yrs€113.50kno data
Colin Dyer
Independent Supervisory Board Chairman3.17yrs€298.50kno data
Philippe Collombel
Independent Supervisory Board Member3.17yrs€99.50kno data
Jacques Stern
Independent Vice-Chairman of the Supervisory Board0.083yr€120.00kno data
Roderick Marie Stella Munsters
Independent Supervisory Board Member3.17yrs€103.50kno data
Jill Granoff
Independent Supervisory Board Member2.08yrs€116.00kno data
Sophie Etchandy-Stabile
Independent Supervisory Board Member5.17yrs€97.00kno data
Dagmar Kollmann
Independent Supervisory Board Member6.17yrs€108.50kno data
Jacqueline Tammenoms Bakker
Independent Supervisory Board Member5.17yrs€103.50kno data
Aline Taireh
Independent Member of Supervisory Boardno datano data0.00022% 20.3k

3.2yrs

Average Tenure

57yo

Average Age

Experienced Board: URW's board of directors are considered experienced (3.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Unibail-Rodamco-Westfield's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Unibail-Rodamco-Westfield
  • Ticker: URW
  • Exchange: ENXTAM
  • Founded: 1968
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €9.209b
  • Shares outstanding: 138.40m
  • Website: https://www.urw.com

Number of Employees


Location

  • Unibail-Rodamco-Westfield
  • 7 place du Chancelier Adenauer
  • CS 31622
  • Paris
  • Ile-de-France
  • 75772
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
URWASX (Australian Securities Exchange)CDI 20:1AUAUDMay 2018
URWCHIA (Chi-X Australia)CDI 20:1AUAUDMay 2018
UNIR.FOTCPK (Pink Sheets LLC)CDI 20:1USUSDMay 2018
URWENXTAM (Euronext Amsterdam)YesStapled SecuritiesNLEURJun 2018
1BR1DB (Deutsche Boerse AG)YesStapled SecuritiesDEEURJun 2018
URWBIT (Borsa Italiana)YesStapled SecuritiesITEURJun 2018
URW NBMV (Bolsa Mexicana de Valores)YesStapled SecuritiesMXMXNJun 2018
URWABATS-CHIXE (BATS 'Chi-X Europe')YesStapled SecuritiesGBEURJun 2018
ULWBAG (Wiener Boerse AG)YesStapled SecuritiesATEURJun 2018
0YO9LSE (London Stock Exchange)YesStapled SecuritiesGBEURJun 2018
1BR1SWX (SIX Swiss Exchange)YesStapled SecuritiesCHCHFJun 2018
UNBL.FOTCPK (Pink Sheets LLC)YesStapled SecuritiesUSUSDJun 2018

Biography

Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship destinations, with a portfolio valued at €65.3 Bn as at December 31, 2019, of which 86% in retail, 6% in offices, 5% in convention & exhibition venues and 3% in services. Currently, the Group owns and operates 90 shopping centres, including 55 Flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on 2 continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events and offers an exceptional and constantly renewed experience for customers. With the support of its 3,600 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. As at December 31, 2019, the Group had a development pipeline of €8.3 Bn. Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities. Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an A- rating from Standard & Poor’s and from an A3 rating from Moody’s. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 01:19
End of Day Share Price2020/06/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.